| | | 根據最新數據系統顯示：支持位與阻力位分析表明，即市第一支持位在16.2元，第二支持位在14.7元水平，這兩個位置將成為回調時的重要支撐。上方阻力 則先看19元，突破後有望挑戰21.4元關口。當前技術指標顯示超買嚴重，短期調整壓力較大。 回顧近期窩輪表現，8月20日推薦的看多產品表現優異。匯豐認購證13606和瑞銀認購證13608在隨後兩日均錄得36%升幅，跑贏正股7.28%的漲幅。顯示在上 漲行情中，槓桿產品能提供顯著的收益放大效果，但在超買狀態下需要更加謹慎。 對於當前市況，衍生工具投資者需要格外謹慎。看好的投資者可考慮瑞銀認購證13608，該產品行使價18.82元，提供4.8倍槓桿，其槓桿最高且引伸波幅較 低；或匯豐認購證13606，行使價相同，提供5倍槓桿，溢價和引伸波幅均為最低。但需要特別注意，在超買狀態下投資槓桿產品風險較高。摩通認購證 14482，行使價18.82元，價外0.84%，槓桿4.63倍。 港股週二上午汽車板塊出現分化，長城汽車（02333）升4.97%，報19元。該股在技術面上出現明顯過熱信號，多項指標提示短期回調風險。從技術走勢觀 察，長城汽車目前雖然仍高於所有主要移動平 ...

回顧近期窩輪表現，8月19日推薦的看多產品表現驚人。瑞銀認購證13608在隨後兩日錄得26%升幅，滙豐認購證13606也有25%的漲幅，大幅跑贏正股5.2% 的漲幅。這顯示在強勢上漲行情中，槓桿產品能提供顯著的放大收益機會。 在昨日（21日）專欄【港股Podcast】中。有投資者表示長城汽車 (02333.HK)大反彈再破17.86頂，將邁向20，持有認購證18.82元。Simon:股價從 8月初至今，走勢比較理想。挨近12-13元的時候一路上升，今日高見18.3元。收市價升穿保力加通道頂部。信號為"買入"。需要上試第一關19.2 元，突破則挑戰第二阻力21.4元。投資者選擇行使價18.82元的認購證是合適的，比較貼價，雖然槓桿低，當股價升至第一個阻力位後，認購證產 品有機會由價外變價內輪，是有得賺的。 今日（22日）港股早盤汽車板塊氣勢如虹，長城汽車（02333）上午9時55分，股價強勢衝高至18.59元，目前報18.4元，大漲2.28%。從技術走勢觀察，長城 汽車呈現強勢突破格局。股價一舉突破所有主要移動平均線，10天線（15.76元）已轉為即時支撐，30天線（14.15元）和60天線（13.25元）則在 ...

港股週五早盤科技股走勢分化，小米集團（01810）表現相對疲弱。上午11時40分，股價報52.52元，上漲1.56%，該股近期在技術面上正面臨關鍵抉擇點， 多空雙方在重要支持位附近展開激烈爭奪。股價現時低於主要移動平均線，30天線（54.77元）和60天線（54.94元）在上方構成層層壓力。這種均線空頭排 列顯示中短期趨勢偏弱，但嚴重超跌後可能出現技術性反彈。 技術指標呈現分歧信號。RSI指標處於39水平，顯示賣壓較重但已接近超賣區域。特別值得注意的是，變動率指標發出「嚴重超跌，可能築底，買入」的信 號，這與其他指標的賣出信號形成明顯對比。技術指標總結發出「賣出」信號，強度達12，但部分領先指標已提示可能出現技術反彈。 回顧近期窩輪表現，8月18日推薦的看淡產品表現穩健。摩通熊證54810在隨後兩日錄得8%升幅，中銀認沽證14387也有5%的漲幅，成功捕捉正股0.94%的跌 幅。這顯示在明確下跌趨勢中，看淡產品能提供有效的對沖或獲利機會。 大行方面，交銀國際發表報告指，小米-W(01810.HK)次季汽車業績表現亮眼，智能手機業務調整基本符合預期。基於2026年手機xAIoT 25倍市盈率及汽車 業務2.2倍 ...

史詩級逆轉！ 那個被全網吐槽 被不少車主 罵作反人類的 特斯拉 轉向燈按鈕 馬斯克居然 低頭認錯了！ 你敢相信信嗎？ 那個信奉 最好的零件 就是沒有零件 砍掉所有撥桿的 科技狂人 這次居然聽勸了！ 轉向燈按鈕 從新款Model 3開始 讓無數老司機 手忙腳亂 很多人都以為 以馬斯克的偏執 這事兒絕對 沒得商量 但現在 中國市場 給出了答案！ 那個熟悉的 方向燈撥桿 竟然標配回來了！ 甚至老車主 花2499 人民幣 也能裝回去！ 這件事打破了 一個最大的迷思 馬斯克也不是 油鹽不進 他也願意聽 市場的聲音！ 這也證明了 特斯拉中國團隊的 務實和力量 這不是一個小小的 撥桿回歸 這可能是一個信號 一個特斯拉為了 贏得市場 會變得更靈活 更可怕的信號！. ...

永豐金證券亞洲研究部晨訊 2025/8/19 | 麥嘉嘉 | 研究部主管 | avis.mak@sinopac.com | | --- | --- | --- | | 張雪婷 | 研究部經理 | samantha.cheung@sinopac.com | | 林仲全 | 研究部資深專員 | kobe.lin@sinopac.com | 1 永豐金證券亞洲研究部晨訊 永豐金證券亞洲研究部 -今日市埸焦點及策略 今日市埸主要焦點 股市及產品投資策略 2 • 美股高位整固｜投資者審慎，道指受制45000點，標指微跌0.03% • 日股創高｜日經指數漲0.77%，收報43714點，科技股表現分化 • 企業盈利強勁｜ 標指92%成份股優於預期，每股純利按年升11% ， 主要是企業找到減輕關稅影響的方法 ，並且受惠於美元疲弱 • 美元走強｜美滙指數升至98.089，美元淡倉連跌五周至46億美元 • 債息上揚｜美國10年期債息升至4.3277厘，市場押注9月降息 • 投資策略｜聚焦業績，建議維持高比例AI/科技術類資產，兼顧高股息 • 日股ETF ｜日經創高，可部署日股ETF短線操作 • 結構性產品 ｜利用區間震盪設計掛鈎 ...

Market Overview - The Hang Seng Index is expected to challenge the 26,000 point mark, supported by a stable economic outlook in mainland China and a temporary easing of trade tensions between the US and China [2][4] - The market is currently active with a focus on earnings reports from major technology companies, which could provide momentum for future performance [2] Short-term Sector Outlook - Key market focus includes the unemployment rate in Hong Kong for July and earnings reports from companies such as Xiaomi, WuXi Biologics, Sunny Optical, and Pop Mart [3] Macro Focus - Chinese Premier Li Qiang emphasized the need for strong measures to stabilize the real estate market and boost effective investment, indicating a cautious but proactive approach to economic management [4][9] - The IDC reported a 4.1% decline in smartphone shipments in China for Q2, with Huawei regaining the top market position [9][10] Company News - WuXi Biologics reported a 53% increase in interim net profit to 750 million RMB, exceeding expectations [10] - Hansoh Pharmaceutical's interim net profit rose 15% to 3.134 billion RMB, also surpassing forecasts [10] - China Biologic Products saw a 12% increase in half-year profit, beating expectations [10] - Leap Motor recorded a net profit of 33.03 million RMB for the first time, exceeding expectations [10] - Tongcheng Travel's Q2 profit increased by 18%, aligning with expectations, and the company is optimistic about summer travel [10] Industry Developments - The online healthcare sector is experiencing increased penetration in drug sales, with clearer regulatory frameworks emerging [8] - The electric vehicle market is seeing a surge in new car releases in August, with some manufacturers raising their annual sales targets [8] Stock Performance - The Hang Seng Index closed at 25,177, down 0.37% year-to-date, it has increased by 25.51% [6] - The Hang Seng Tech Index rose by 0.65%, with a year-to-date increase of 24.87% [6] Investment Opportunities - Anker Innovations is reportedly considering a listing in Hong Kong, having seen its stock price rise over 50% this year [10] - NIO plans to enter new markets including Singapore, Uzbekistan, and Costa Rica, indicating expansion in the electric vehicle sector [10] - Zero Run Auto achieved a record delivery of 221,600 vehicles in the first half of the year, marking a 156% increase year-on-year [10]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 海外監管公佈 上市附屬公司－ZEEKR INTELLIGENT TECHNOLOGY HOLDING LIMITED 二零二五年第二季度未經審核財務業績公佈 本公佈由吉利汽車控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條而作出。 ZEEKR Intelligent Technology Holding Limited（「極氪」）為本公司之非全資附屬公司，其 股份以美國存託股票形式於美國紐約證券交易所上市，已於二零二五年八月十四日向美 國證券交易委員會遞交表格6-K，內容有關極氪截至二零二五年第二季度之未經審核財務 業績（「二零二五年第二季度業績」）。詳情請參閱隨附之二零二五年第二季度業績。 本公佈以英文發佈，並備有中文譯本。如中英文版本內容有任何歧義或不一致，概以英 文版本為準。 承董事 ...

Key Points - The report highlights a significant surge in Apple's stock price, which has positively influenced the US stock market, particularly the technology sector [8][10] - Approximately 80% of S&P 500 companies exceeded market expectations in terms of EPS and revenue, driven mainly by strong earnings in the financial and communication services sectors [8][10] - The report notes an increase in US Treasury yields, with the 10-year yield rising by 10.2 basis points to 4.298% [8][10] - The report suggests a diversified credit bond strategy to manage interest rate and inflation volatility, with an average maturity of 5 to 8 years [8] - A multi-factor alpha model, sector rotation model, and event-driven model are recommended for stock selection [8] - The report recommends bullish structured products targeting strong stocks like Apple and Nvidia to capture short-term gains [8] Market Overview - The Dow Jones Industrial Average rose by 81 points or 0.18%, while the S&P 500 and Nasdaq increased by 0.73% and 1.21%, respectively [10] - The report indicates that the US economy shows signs of slowing down, with traders increasing bets on potential interest rate cuts by the Federal Reserve [10] - President Trump signed an executive order imposing a 25% additional tariff on goods from India, raising the total tariff rate to 50% [10] - The report mentions that Apple has committed to investing $100 billion in US manufacturing over the next four years, increasing its total investment to $600 billion [10] Company Focus - XPeng Motors reported a record delivery of 36,717 vehicles in July 2025, a year-on-year increase of 229%, indicating a strong growth trajectory [20] - Nine consecutive months of deliveries exceeding 30,000 units suggest a clear turning point in profitability and valuation recovery for XPeng Motors [20] - Nine Holdings' Q2 2025 results showed a revenue increase of 2.5% in the footwear manufacturing sector, with a shipment volume growth of 4.1% [20] - The report highlights that Vobile Group is a leader in digital content copyright protection and monetization, with expectations of AI-related revenue reaching tens of millions of dollars by 2025 [20] Economic Data - China's exports for July are estimated to grow at an annual rate of 5.6%, while imports are expected to decline by 1% [18] - The trade balance for China in July is projected at $104.8 billion, with foreign exchange reserves at $3.281 trillion [18] - In the US, the non-farm productivity for Q2 is estimated to increase by 2%, with initial jobless claims for the week ending August 2 expected at 222,000 [18]

Report Summary 1. Market Performance - Hong Kong stocks rose with the Hang Seng Index up 169 points or 0.7% to 24,902, the Hang Seng China Enterprises Index up 57 points or 0.65% to 8,951, and the Hang Seng Tech Index up 39 points or 0.7% to 5,521. The total turnover was HK$229.399 billion [1]. - A - shares advanced with the Shanghai Composite Index up 34 points or 1% to 3,617, the Shenzhen Component Index up 65 points or 0.6% to 11,106, and the ChiNext Index up 9 points or 0.4% to 2,343. The turnovers were RMB656.4 billion, RMB939.7 billion, and RMB475.6 billion respectively [2]. - US stocks fell with the Dow Jones Industrial Average down 61 points or 0.1% to 44,111, the S&P 500 Index down 30 points or 0.5% to 6,299, and the Nasdaq Composite down 137 points or 0.7% to 20,916 [2]. 2. Policy and Economic Data - The People's Bank of China conducted RMB160.7 billion of seven - day reverse repurchase operations on the 5th, with an operating rate unchanged at 1.4%. There were RMB449.2 billion of reverse repurchases maturing, resulting in a net withdrawal of RMB288.5 billion. The central parity rate of the RMB against the US dollar was raised by 29 points to 7.1366 [2]. - China's July S&P Global Services PMI rose to 52.6, while the Composite PMI fell to 50.8 [2]. - The US July ISM Services Index was worse than expected, increasing concerns about stagflation [2]. 3. Trade - related Statements - US President Trump said that the EU's commitment to invest $600 billion in the US in the US - EU trade agreement was one reason for him to lower the tariff on EU goods to 15%. If the condition was not met, the tariff on EU goods would be 35% [3]. - Trump also said that the US would announce tariffs on semiconductor and pharmaceutical imports in about a week. The initial tariff rate for pharmaceuticals would be low, rising to 150% within a year and a half and eventually to 250%. Semiconductor and chip tariff measures would be in another category [4]. 4. Company - specific News - Li Xiang, CEO of Li Auto - W (02015.HK) (LI.US), revealed that the small - order users of Li i8 exceeded 30,000 [4]. - Yum China (09987.HK) reported its six - month interim results as of June. The total revenue was $5.768 billion, up 2.3% year - on - year. The net profit was $507 million, up 1.6%, with an earnings per share of $1.36 and a dividend per share of 24 cents [4]. - Hon Hai Precision Industry, a major server assembly partner of Nvidia (NVDA.US), saw its July sales growth slow down. Its July sales increased 7.25% year - on - year to NT$613.8 billion (about $20.5 billion), the lowest increase since January [4]. - The interim results of The Link REIT (00778.HK) as of the end of June showed that the distributable income was HK$377 million, up 2.1% year - on - year. The interim distribution per fund unit was 18.41 cents, up 1% from the previous year. The annualized distribution yield per fund unit was 7.7% based on the closing price on June 30 [5].

Market Overview - The Hang Seng Index faces short-term resistance at 25,735 points, with limited corporate profit improvement and a lack of strong economic stimulus from mainland China [2] - Active trading in the Hong Kong market indicates a relatively positive risk appetite, with capital rotating among different sectors [2] - The U.S. and China have initiated a new round of trade negotiations, agreeing to extend the 90-day tariff truce reached in mid-May [2] Macro Focus - China's official manufacturing PMI for July decreased to 49.3, falling short of expectations and indicating contraction for four consecutive months [11] - Hong Kong's GDP for Q2 is estimated to grow by 3.1%, surpassing expectations, while retail sales growth in June was below expectations at 0.7% [12] - The U.S. Federal Reserve maintained interest rates in July, with expectations of two rate cuts this year, totaling 0.5 percentage points [6] Company News - Tencent Holdings (0700) is leveraging gaming as a key driver for breakthroughs in AI technology [5] - Prosus has initiated a reduction of its stake in Meituan (3690), cashing out nearly 2 billion yuan in the past two weeks [5] - XPeng Motors (9868) reported a 2.3-fold increase in July deliveries, setting a new monthly record [5] - China Petroleum & Chemical Corporation (0386) issued a profit warning, expecting a drop of at least 40% in first-half earnings [5] Stock Market Performance - The Hang Seng Index closed at 24,773, down 1.6%, with a year-to-date increase of 23.5% [7] - The average daily trading volume in Hong Kong's stock market increased by 82% year-on-year, reaching 2,402 billion [12] - The number of new IPOs in Hong Kong surged, with 42 new listings raising a total of 107.1 billion, a sevenfold increase compared to the previous year [12]